Venezuela's interim president, Delcy Rodríguez, has proposed reforming the country's hydrocarbon law, signalling a potential opening of the oil sector to greater foreign investment. Speaking in her first annual address to the National Assembly, Rodríguez said changes were needed to unlock capital for underdeveloped oil fields.
Under current law, foreign companies must partner with state oil firm PDVSA, which is required to hold a majority stake. Rodríguez did not spell out how the rules would change, but said reforms would allow investment in fields with little or no existing infrastructure, long a key demand of US-based investors.
Her remarks come as Washington deepens its involvement in Venezuela's oil industry following the US-backed ouster of former president Nicolás Maduro earlier this month. The Trump administration says about $500m has already been generated from Venezuelan oil sales under a bilateral deal, with revenues held in US-controlled bank accounts.
Rodríguez, who took office ten days ago, also struck a conciliatory tone toward Washington, calling for diplomacy after years of hostility. She said oil revenues would be directed to workers and public services, as the US pursues a sweeping reconstruction plan tied to access to Venezuela's vast but underperforming reserves.
The announcement followed news that the US had seized a sixth tanker linked to Venezuelan oil exports, part of a pressure campaign that helped force Maduro from power. While Rodríguez has promised a "new politics" for 2026, Washington has said there is no immediate timeline for elections, leaving Venezuela's political future uncertain...